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How Do I Make Nelnet Remove My Father as a Cosigner. – Steve

“Dear Steve,

I have a private loan through Nelnet with about $24k (from $35k) left. My father is in the process of buying a business and needs me to take him off as a cosigner but when I called Nelnet they would not do this because I was 15 days late on a payment back in 2008. Are there other companies that I can move this loan to that will offer a comparable interest rate (4.25%) to what I have now? Should I call Nelnet back and try and talk to someone else?

Thank you in advance,

Steve”

The Answer

Rejected stamp

Dear Steve,

Do I know of another lender that would move the loan at the low rate? No. Depending on your credit you could turn to someone like LendingClub.com to payoff the loan and move it in your name but most certainly the rate would be double or more.

You can always try to talk to Nelnet about it but the reason they have cosigners is so if you don’t pay they will go after the other party.

Ask them for a cosigner release form, in case they actually have a process like that. Alternatively you could ask them about replacing him as a cosigner if you knew of someone else willing to be a replacement cosigner for you.

Please post your responses and follow-up messages to me on this in the comments section below.

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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